Convertible Bond

Old Mutual PLC
25 April 2003


                                 OLD MUTUAL PLC

                   $ 650m 3.625% Guaranteed Convertible Bond

                Early Redemption at the Option of the Bondholder

Notice has been received that holders of USD 13.7 million of Old Mutual's USD
650 million 3.625% Guaranteed Convertible Bond, which represents 2.11% of the
total bonds outstanding, have exercised their option to put the Bonds back to
the issuer on 2 May 2003.  These bonds will be immediately cancelled.  As of
that date, total nominal amount of the outstanding bonds will be $636,286,000,
which will mature in May 2005.


                                        25 April 2003

Enquiries:

James Poole, Director Corporate Affairs          +(44) 20 7569 0100


Julie Saxton, Communications Manager             +(44) 20 7569 0133


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